Most Asian stocks higher after data points, but Nikkei down slightly

Most Asian stocks traded higher during Thursday’s Asian session despite some concerning economic data points out of Australia and Japan. 

In Asian trading Thursday’s Japan’s Nikkei 225 inched down 0.09% after the Economic and Social Research Institute said that Japan’s core machinery orders were flat last month after a contraction of 2.7% in July. Analysts expected Japan’s core machinery orders to rise to 2.4% last month. 

Hong Kong’s Hang Seng rose 0.24% and the Shanghai Composite nudged up 0.09%. Materials issues were among the leaders in Hong Kong, but that same sector was a laggard in Shanghai. 

Several global banks have raised their growth projections for China in recent days, including Bank of America Merrill Lynch, Nomura Holdings Inc., UBS AG, Goldman Sachs and J.P. Morgan Chase. 

Australia’s S&P/ASX 200 Index rose 0.3% and continues to flirt with five-year highs even after the Australian Bureau of Statistics said the country’s unemployment rate rose to 5.8% last month from 5.7% in July. Analysts expected that increase. 

The Statistics Bureau added that the Australian employment change fell by 10,800 in August after a July drop of 11,400. The July number was revised lower after an initial reading showed a decline of 10,200. Analysts expected an August increase of 10,000. 

New Zealand’s NZSE 50 rose 0.13% after the Reserve Bank of New Zealand implied a rate hike could take place next year. 

"The extent and timing of the rise in policy rates will depend largely on the degree to which the momentum in the housing market and construction sector spills over into broader demand and inflation pressures," said RBNZ in a statement. 

South Korea’s Kospi rose 0.23% while Singapore’s Straits Times Index added 0.53%. S&P 500 futures fell 0.8% a day after the benchmark U.S. index gained 0.31%.